President William Ruto has announced that Kenya’s foreign exchange reserves have reached an unprecedented $10.3 billion, equivalent to 4.6 months of import cover as of May 8, 2025.
Speaking to the press at an event in Nairobi on Tuesday, Ruto hailed the achievement as a first in the nation’s history, attributing it to robust fiscal policies and contributions from farmers, construction workers, people in the health sector, wholesale and retail trade, and various other key sectors of the economy.
“For the first time in the Republic of Kenya, we have reserves of $10.3 billion. It does not come easy,” he said, noting that the country’s exchange rate has stabilised and inflation has dropped sharply from 9.6% in 2022 to 3.8% in 2025.
The reserves, held by the Central Bank of Kenya (CBK), consist of liquid assets such as foreign currencies, including gold, marketable securities and commercial bank deposits, and are used to facilitate the country’s external financial obligations, i.e paying for imports and debt servicing.
The CBK credited the surge to increased export earnings, particularly from agriculture too, and a rise in diaspora remittances, which rose by 14 per cent from $4.5 billion in 2023 and reached $5.1 billion in 2024.
The president praised the central bank’s leadership, saying, “You have led with focus. We continuously consult, and I have told you where we should go.” He also lauded Kenyan farmers for boosting food production, a major factor in curbing inflation, which he described as driven largely by food prices.
This is as the country is on course to become East Africa’s largest economy this year, overtaking long-time regional leader Ethiopia, according to the latest International Monetary Fund projections.
By comparison, Tanzania holds $5.6 billion in usable foreign reserves, while Uganda has about $3.8 billion.
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